The Director General, National Automotive Council, NAC, Aminu Jalal, has said the Federal Government will not increase the tariff on used cars, otherwise known as Tokunbo cars, until April, 2015.
There have been publications that used cars will cost more from January 1st, 2015, but Jalal, while reacting to the publications, said the new tariff would take effect from April, 2015.
He said: “We saw some publications today (Wednesday) saying that used cars will cost more from 1st Jan 2015 as the 35% levy will be charged. This levy would be further deferred to 30 April 2015.
Stating the reasons, Jalal said: “The automotive policy has five elements, one of which is market development. Under market development, tariffs are increased on FBU vehicle imports. These tariffs are to be reduced gradually over the years, as the vehicle assembly and local content operations gain momentum. – Thisday.
